The board of directors of Mumbai-listed non-bank financial services company Sunshine Capital has decided to move forward to expand the company's operations into insurance broking.
In a statement lodged with the Mumbai bourse, Sunshine Capital said, “This move is intended to broaden our range of financial services. By entering the insurance broking sector, the company seeks to take advantage of the projected growth in India's insurance industry, expected to be the fastest-growing among G20 countries.
“This expansion will allow the company to better serve our clients by offering personalised insurance solutions.”
Established in 1994 and listed in Mumbai in 2016, Sunshine Capital is also exploring the possibility of a listing on the main board of the National Stock Exchange (NSE), to increase its visibility and support its long-term growth plans including branding and marketing. The board expects that such a listing will provide the company with greater access to capital.